Sun Pharmaceutical Industries' finances for the first quarter with the income from operations witnessed a decline in growth of 23 percent over the same quarter last year. India sales at 1761 crore were down by five percent over 1Q last year. The United States finished dosage sales at USD 351 million down by 42 percent over 1Q last year. Growth was temporarily impacted by the implementation of GST in India; however, the underlying growth remains robust.

For 1QFY18, the company launched 10 new products in the Indian market. US Formulations Sales in the US were USD 351 million for the quarter, a de-growth of 42 percent over the same period last year and accounted for 37 percent of total sales. Sales for 1Q last year included the benefit of generic Imatinib exclusivity which expired in July-2016. Besides Imatinib, the overall pricing pressure in the US generics market also impacted the year-over-year (y-o-y) growth.

' Our 1Q performance was not good and not in line with our past performance due to the combined impact of increasing investments in our global specialty business and temporary disruption in our India business due to GST implementation. We expect our performance to gradually improve in the second half of this year.'

Dilip Shanghvi

Managing Director,

Sun Pharmaceuticals

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